On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 90,000 shares of $4 par common stock at $8, and on November 19, it issued for cash 50,000 shares of $18 par preferred stock at $61. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 Cash ✓ Common Stock ✓ Paid-In Capital in Excess of Par-Common Stock Nov. 19 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 90,000 shares of $4 par common stock at $8, and on November 19, it issued for cash 50,000 shares of $18 par preferred stock at $61. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 Cash ✓ Common Stock ✓ Paid-In Capital in Excess of Par-Common Stock Nov. 19 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock. b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 90,000 shares of $4 par common stock at $8, and on November 19, it issued for cash 50,000 shares of $18
par preferred stock at $61.
a. Journalize the entries for October 31 and November 19.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Oct. 31 Cash
Common Stock
✓
Paid-In Capital in Excess of Par-Common Stock
Nov. 19 Cash
Preferred Stock
Paid-In Capital in Excess of Par-Preferred Stock
Feedback
✓ Check My Work
Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what
affect that has on recording the sale of stock.
b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
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